EURUSD is pulling back towards 1.13 and a bit lower. EURUSD price has broken out of a long-term downward sloping wedge pattern. Now we are most probably in the process of back testing the broken upper wedge boundary. Bulls want to see price touch the wedge from the outside and bounce. This would be a very good sign for bulls. Key support is found at the previous resistance area of 1.1260-1.1230. Respecting this support is crucial for the long-term bullish scenario.

Failure to hold above 1.12 will most probably lead to a steep decline below 1.11. My expectations are mixed. I see a short-term pull back and then continuation of the bearish trend.